Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 200 units (Dollar, Euro, Pound, etc.), from date: May 27, 2017, to date: Jun 8, 2017, namely for a period of 12 days, with an annual simple flat interest rate of 23% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 200


Annual simple interest rate, R = 23%


From date: May 27, 2017


To date: Jun 8, 2017


Duration, T = 12 days


Commission fee (withdrawal or payment), F = 0%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(200 × 23% × 12) ÷ 365 =


(200 × 23 × 12) ÷ (365 × 100) =


55,200 ÷ 36,500 ≈


1.512328767123 ≈


1.51

B = Amount earned:

B = P + I =


200 + 1.512328767123 =


201.512328767123 ≈


201.51

Signs: % percent, ÷ divide, × multiply, ≈ approximately equal;

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Calculate simple flat rate interest on a principal borrowed, lent

Simple flat rate interest = (Principal × Annual simple flat interest rate × Duration in days) ÷ Number of days in a year

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